Table Space expects a valuation of $2.5 billion at its India IPO

Table Space, an Indian provider of managed workspaces, is targeting a valuation of at least $2.5 billion in its initial public offering scheduled for next yr, sources acquainted with the matter told TechCrunch.

Sources say that the Bengaluru-based startup has roped in Axis as bookrunner for the IPO.

Founded in 2017, Table Space leases large office spaces, transforms them into fully serviced, technology-enabled campuses, and offers them to corporate clients in the shape of custom offices, coworking spaces, and managed meeting rooms. Hillhouse Capital invested $300 million in Table Space in a late 2022 funding round, and the startup is currently valued at around $550 million.

The company has over 60 centers across six Indian cities, serving mainly Fortune 500 firms reminiscent of Apple, Google, Mastercard, PayPal, AMD, Ericsson and Shell. The startup has grown its real estate portfolio to over 9.5 million square feet across major Indian cities and goals to almost double that space in three years with an investment of around $535 million.

Table Space declined to comment.

In recent interview in collaboration with the Indian every day, the corporate’s co-founder and CEO Kunal Mehra said that by March 2027, the corporate expects annual revenue to succeed in almost $600 million.

Table Space’s IPO and expansion plans come at a time of moderate uncertainty in the worldwide flexible workspace sector. While WeWork’s high-profile problems have forged doubt on the viability of the coworking space business model globally, demand for flexible office space in major Indian cities stays strong, driven by a growing technology sector and multinational corporations looking to scale back long-term lease obligations.

Table Space’s IPO plans also follow the stellar public debut of Awfis, the Peak XV-backed coworking space provider whose shares have surged nearly 70% within the five months since its IPO. Many startups, including WeWork India, Indiqube and Simpliwork, are also in various stages of considering going public.

The Indian market has seen more technology IPOs this yr than within the US as valuation multiples near all-time highs within the South Asian market. Indian firms have raised greater than $9 billion through IPOs and FPOs this yr, whilst offerings from growth-stage startups remain modest.